First Mortgage Loans
There are two types of first mortgages; one is when you wish to purchase property and the other is when your property is paid and you want to borrow using your property as collateral.
You need to call the Credit Union for either kind of first mortgage. If your home doesn't have a mortgage, but you want to use your home as collateral on a loan we have the product for you.
The Steps for a First Mortgage Purchase Loan (includes pre-approvals)
- Call Postal Family Credit Union to discuss the loan and take your application.
- We'll send you a Good Faith Estimate (to be signed and returned) and the Consumer handbook.
- A title search of the property, flood search and a mortgage will be prepared. An appraiser will contact you to set up your appraisal.
- When the documents listed in step three are returned to Postal Family Credit Union, if everything is in order, Postal Family Credit Union will set up a closing date.
- At closing we will need a copy of your insurance policy, a recent paycheck stub and all parties involved in the mortgage.
Click here for rates on First Mortgage Loans.